Jacaranda Finance launches 60-minute car loan

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on August 04, 2022 Fact Checked
Jacaranda Finance launches 60-minute car loan

The digital lender's new product is aimed at helping the average Aussie borrower get behind the wheel of a new or used car sooner.

Offering car loans from $5,000 to $25,000, Jacaranda Finance's rates start at 10.48% p.a. (12.56% p.a. comparison rate*) depending on a customer's individual credit score

In assessing customers, Jacaranda Finance uses the ratings of Excellent, Very good, Good, Okay and Average. 

Those with an average credit score can expect to receive a rate of 18.95% p.a. (29.80% p.a. comparison rate*). 

Customers can opt for a loan term with Jacaranda from 12 to 36 months, with repayments to be made either weekly, fortnightly or monthly. 

Jacaranda Finance's car loans are designed to cut down the time it takes for Aussies with an average credit score to get finance approved for a new set of wheels, claiming customers are able to receive approval and settlement in as little as 60 minutes.

Jacaranda Finance CEO Daniel Wessels said too much of the commentary and advertising around car loans is focused upon the top percentile of borrowers and leaves out the majority of people seeking car finance.

“If you go online and search for car loans, you’ll probably find a website advertising ultra-low interest rates of sub-5 per cent, telling you to apply for the lowest-rate loan you can find,” Mr Wessels said.

“But in reality, these loans are only actually available for the best of the best: the lenders offering them won’t accept you if you don’t have extremely perfect credit."


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*Comparison rates based on a loan of $30,000 for a five-year loan term. Warning: this comparison rate is true only for this example and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate. Rates correct as of August 12, 2022. View disclaimer.


Image by Snowscat via Unsplash

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Jacob Cocciolone joined the Savings team in 2021 as a Finance Journalist. Driven by a passion for keeping Australians up to date with the latest financial news and trends, his areas of interest include financial technology, investing, property and motoring.

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